A new fund established by the African Development Bank could attract $650 million of private money into the sector, according to the lender.
The development lender has established a Covid-19 Off-Grid Recovery Platform with impact investors from the Netherlands, U.S. and U.K., to offer affordable loans to off-grid solar companies operating in Africa.
The planned power plant marks the first phase of a 60 MW scheme 30km north of the capital, N’Djamena. The overall project is being developed by UK-based Private Infrastructure Development Group and French company Smart Energies International.
Solar support is on the way for businesses and communities struggling to cope as the coronavirus outbreak ripples across the continent.
A fund backed by the United Nations and the government of Luxembourg is helping companies to provide small solar PV systems and innovative cooking stoves in the economically challenged West African nation.
The African Development Bank has agreed to invest $200 million to improve electricity access in Nigeria by building minigrids throughout the country.
The lender is providing the funds to support the West African country’s solar ambitions under the bank’s Desert to Power program. Several other European organizations have vowed to back the €137 million Yeleen solar project, which will encompass four sites.
The United Nations Development Program is seeking consultants to build a 2 MW solar project and three hydropower plants ranging in generation capacity from 1.15-2 MW.
The African Development Bank is seeking consultants to explore how two hydropower projects and an associated grid planned in Burundi can incorporate solar power. The addition of photovoltaics is intended to reduce the country’s dependency on hydro, level out generation during dry and wet seasons and mitigate the effect of droughts.
The Italian oil and gas provider has signed a concession agreement with the government of the African oil country to build a 50 MW solar plant. The project is expected to be in the province of Namibe and will be part of the nation’s plan to deploy 600 MW of solar by 2022.
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